The Governor's proposed fiscal restructuring and debt reduction plan includes a proposal to develop a public benefit corporation to operate, invest in and collect tolls on, the State's toll roads. Such corporation would be required to make an initial payment to the State for the concession granted to it relating to the toll roads. A substantial portion of such initial payment would be applied to pay down or defease approximately 50% of the aggregate outstanding principal amount of the State's bonded indebtedness and obligations supported by State contract payments which are subject to annual appropriation. While no decisions, even of a preliminary nature, have been made as to which obligations would be paid off, the timing of any such payments or the form which such payments would take, in response to inquiries from various members of the State legislature as well as other interested parties, the Treasurer's staff has developed a number of possible scenarios for the payment of obligations. Electronic access to three of these scenarios is provided on this website. Each of the three scenarios assumes that the selected obligations would be paid off or defeased in accordance with the applicable provisions of the documents under which the obligations were authorized and issued. The bonds included in the scenarios were outstanding as of January 1, 2008. The first scenario assumes the all the bonds issued by the public benefit corporation for payment of the initial payment are tax-exempt obligations, the second assumes a blend of tax-exempt and taxable bonds and the final assumes all bonds to be taxable. The scenarios were developed to allow various constituencies in the State to view what could occur if the Governor's proposal was approved and successfully completed.

No assurance can be given that the Governor's proposal will be enacted or enacted in its current form. Additionally, it is impossible to predict the amount of proceeds which would be generated by completion of the proposal or how and at what time or times such proceeds would be applied. The scenarios are intended only to provide various constituencies in the State with common and somewhat more concrete basis on which to discuss the Governor's proposal. They are not intended to provide any basis for anyone making an investment decision regarding any outstanding obligations of the State and should not be relied upon by any investor for any purpose.

BY ACCESSING THE THREE SCENARIOS, YOU ACKNOWLEDGE THAT YOU UNDERSTAND THAT THE INFORMATION CONTAINED IN SUCH SCENARIOS IS FOR INFORMATION PURPOSES ONLY AND IS NOT TO BE RELIED UPON BY ANY PERSON FOR ANY PURPOSES RELATING TO ANY INVESTMENT DECISION.